Germany posted a seasonally adjusted trade surplus of EUR 8.8 bln in March, slightly lower than the EUR 8.9 bln in February. Exports posted the first monthly improvement since September last year and rose 0.7% m/m, with imports rising 0.8% m/m, also the first improvement since September last year. March data meant the sa trade surplus amounted to EUR 24.5 bln in Q1, down from EUR 37.9 bln in Q4 last year, which confirms that overall economic activity contracted sharply in the first quarter of the year. However, the pick up in exports at the end of the quarter, coupled with the marked rise in orders and improved survey findings suggests that the deterioration in economic activity is starting to bottom out, which is encouraging. Unadjusted data show a trade surplus of EUR 11.3 bln down from EUR 16.8 bln in March last year and vs EUR 8.6 bln in February. Exports fell 15.8% y/y which highlights the extent of the decline in demand in recent months. The unadjusted current account surplus amounted to EUR 10.2 bln down from EUR 17.6 bln in March last year and vs EUR 6.8 bln in February.